After a promising start to 2014, gold is now down for the year as the dollar and the economy show signs of strengthening. Friday's jobs report gave the dollar an added boost and that makes it cheaper to buy the yellow metal.
Gold closed Friday below the $1,200 per ounce level for the first time since the start of the year.
Gina Sanchez, founder of Chantico Global, said she believes it's headed even lower. "The fundamentals for gold haven't look good for a long time," she said. "Gold responds to when there is very poor growth, when interest rates are very low, when currencies are very weak, or when people are concerned about fiat currencies—when there's fear in the markets. … We don't really have those."
(Watch: How ugly will gold's selloff get?)
What's more, physical demand for gold is down, according to the World Gold Council. The industry group's data show gold demand fell 16 percent in the second quarter of 2014 compared with the same time last year.
But it could get even worse for gold.
"Demand for gold in both China and India has been down," said Sanchez, a CNBC contributor. "Right around holidays is when you get a big buying season for gold and that is projected to be lower. … So there really isn't a lot of reason to get excited about gold."
The charts on gold are also negative, according to Todd Gordon, founder of TradingAnalysis.com. Bullion is getting closer to testing its double-bottom support around $1,183 per ounce, a level it came close to breaking twice in 2013. He said he doesn't believe the metal will get a bounce from there.
"Technically, as traders, we never rely on a triple bottom," said Gordon, a CNBC contributor. "There is going to be a lot of stop-loss selling below that."
How far below $1,183 can gold go? Gordon thinks it can move down a trading channel all the way to $850 per ounce.
Helping to put pressure on gold is the dollar's strength against the euro. Gordon thinks the euro and gold will move together, and both are headed down. "The dollar is rallying, the euro is selling off," he said. "The path to least resistance is lower."
To see the full discussion on gold, with Sanchez on the fundamentals and Gordon on the technicals, watch the above video.